RPBAX vs. SPY
Compare and contrast key facts about T. Rowe Price Balanced Fund (RPBAX) and State Street SPDR S&P 500 ETF (SPY).
RPBAX is managed by T. Rowe Price. It was launched on Dec 29, 1939. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
RPBAX vs. SPY - Performance Comparison
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RPBAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPBAX T. Rowe Price Balanced Fund | -1.30% | 16.06% | 11.71% | 18.01% | -17.28% | 13.29% | 14.54% | 20.75% | -4.89% | 12.58% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, RPBAX achieves a -1.30% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, RPBAX has underperformed SPY with an annualized return of 8.20%, while SPY has yielded a comparatively higher 14.06% annualized return.
RPBAX
- 1D
- 1.98%
- 1M
- -4.56%
- YTD
- -1.30%
- 6M
- 0.84%
- 1Y
- 12.99%
- 3Y*
- 12.59%
- 5Y*
- 6.32%
- 10Y*
- 8.20%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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RPBAX vs. SPY - Expense Ratio Comparison
RPBAX has a 0.57% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
RPBAX vs. SPY — Risk / Return Rank
RPBAX
SPY
RPBAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Balanced Fund (RPBAX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| RPBAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 0.96 | +0.25 |
Sortino ratioReturn per unit of downside risk | 1.75 | 1.49 | +0.26 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.53 | -0.01 |
Martin ratioReturn relative to average drawdown | 6.73 | 7.27 | -0.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RPBAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 0.96 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.70 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.79 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.56 | +0.13 |
Correlation
The correlation between RPBAX and SPY is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
RPBAX vs. SPY - Dividend Comparison
RPBAX's dividend yield for the trailing twelve months is around 7.49%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPBAX T. Rowe Price Balanced Fund | 7.49% | 7.30% | 7.28% | 3.80% | 5.03% | 9.33% | 4.59% | 3.41% | 8.42% | 1.69% | 2.96% | 7.32% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
RPBAX vs. SPY - Drawdown Comparison
The maximum RPBAX drawdown since its inception was -40.79%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RPBAX and SPY.
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Drawdown Indicators
| RPBAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.79% | -55.19% | +14.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.19% | -12.05% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -24.50% | +1.05% |
Max Drawdown (10Y)Largest decline over 10 years | -25.49% | -33.72% | +8.23% |
Current DrawdownCurrent decline from peak | -5.24% | -5.53% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -9.09% | +4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 2.54% | -0.68% |
Volatility
RPBAX vs. SPY - Volatility Comparison
The current volatility for T. Rowe Price Balanced Fund (RPBAX) is 4.31%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that RPBAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPBAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 5.35% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 9.50% | -3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.16% | 19.06% | -7.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.93% | 17.06% | -6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.60% | 17.92% | -6.32% |